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Gold prices gain in Asia with China demand eyed

Published 02/25/2015, 10:57 PM
Updated 02/25/2015, 10:58 PM
Gold price up in Asia
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Investing.com - Gold prices gained on Thursday in Asia as investors eyed physical demand from China.

On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rose 0.62% to $1,209.00 a troy ounce.
hours.

Meanwhile, silver futures for May delivery increased 0.84% t $16.612 a troy ounce. Elsewhere on Comex, copper for May delivery rose 0.33% to $2.654 a pound.

Overnight, gold futures reversed most of the gains made in Asia on Wednesday afternoon before settling slightly higher.

In Asia, the price of gold futures soared as investors in China returned to markets after a week-long break for the Lunar New Year. China is the second-largest buyer of the precious metal in the world. Investors in Asia also scurried to gold after the dollar weakened slightly on Wednesday.

Still, the dollar remained relatively unchanged after Federal Reserve Chair Janet Yellen finished her second day before Congress during the first of two semi-annual Humphrey-Hawkins Testimonies she will make in 2015.

Unlike Yellen's appearance in front of the Senate Banking Committee on Tuesday, members of the House Financial Services Committee spent little time on Wednesday discussing monetary policy. When addressing a potential interest-rate hike, Yellen reiterated that the Fed could wait several additional meetings before raising rates.

A delay in raising interest-rates is often regarded as a positive sign for gold, as it lowers the price of holding onto the precious metal.

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